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Time Warner Inc. (TWX)

Long-term Debt and Solvency Analysis

Difficulty: Beginner

Solvency ratios also known as long-term debt ratios measure a company’s ability to meet long-term obligations.

Ratios (Summary)
Debt to Equity
Debt to Capital
Debt to Assets
Financial Leverage
Interest Coverage
Fixed Charge Coverage

Ratios (Summary)

Time Warner Inc., debt and solvency ratios

		Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
	Debt Ratios
	Debt to equity
	Debt to capital
	Debt to assets
	Financial leverage
	Coverage Ratios
	Interest coverage
	Fixed charge coverage

Based on: 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-26), 10-K (filing date: 2014-02-26).

Ratio	Description	The company
Debt to equity ratio	A solvency ratio calculated as total debt divided by total shareholders’ equity.	Time Warner Inc.’s debt to equity ratio improved from 2015 to 2016 and from 2016 to 2017.
Debt to capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.	Time Warner Inc.’s debt to capital ratio improved from 2015 to 2016 and from 2016 to 2017.
Debt to assets ratio	A solvency ratio calculated as total debt divided by total assets.	Time Warner Inc.’s debt to assets ratio improved from 2015 to 2016 and from 2016 to 2017.
Financial leverage ratio	A solvency ratio calculated as total assets divided by total shareholders’ equity.	Time Warner Inc.’s financial leverage ratio deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.

Ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	Time Warner Inc.’s interest coverage ratio deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.
Fixed charge coverage ratio	A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges.	Time Warner Inc.’s fixed charge coverage ratio deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.

Debt to Equity

Time Warner Inc., debt to equity calculation, comparison to benchmarks

		Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
	Selected Financial Data (USD $ in millions)
	Debt due within one year
	Long-term debt, excluding due within one year
	Total debt

	Total Time Warner Inc. shareholders’ equity
	Ratio
	Debt to equity¹
	Benchmarks
	Debt to Equity, Competitors
	Charter Communications Inc.
	Comcast Corp.
	Walt Disney Co.
	Debt to Equity, Sector
	Media
	Debt to Equity, Industry
	Consumer Services

Based on: 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-26), 10-K (filing date: 2014-02-26).

2017 Calculations

¹ Debt to equity = Total debt ÷ Total Time Warner Inc. shareholders’ equity
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Ratio	Description	The company
Debt to equity ratio	A solvency ratio calculated as total debt divided by total shareholders’ equity.	Time Warner Inc.’s debt to equity ratio improved from 2015 to 2016 and from 2016 to 2017.

Debt to Capital

Time Warner Inc., debt to capital calculation, comparison to benchmarks

		Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
	Selected Financial Data (USD $ in millions)
	Debt due within one year
	Long-term debt, excluding due within one year
	Total debt
	Total Time Warner Inc. shareholders’ equity
	Total capital
	Ratio
	Debt to capital¹
	Benchmarks
	Debt to Capital, Competitors
	Charter Communications Inc.
	Comcast Corp.
	Walt Disney Co.
	Debt to Capital, Sector
	Media
	Debt to Capital, Industry
	Consumer Services

Based on: 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-26), 10-K (filing date: 2014-02-26).

2017 Calculations

¹ Debt to capital = Total debt ÷ Total capital
= hidden ÷ hidden = hidden

Ratio	Description	The company
Debt to capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.	Time Warner Inc.’s debt to capital ratio improved from 2015 to 2016 and from 2016 to 2017.

Debt to Assets

Time Warner Inc., debt to assets calculation, comparison to benchmarks

		Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
	Selected Financial Data (USD $ in millions)
	Debt due within one year
	Long-term debt, excluding due within one year
	Total debt

	Total assets
	Ratio
	Debt to assets¹
	Benchmarks
	Debt to Assets, Competitors
	Charter Communications Inc.
	Comcast Corp.
	Walt Disney Co.
	Debt to Assets, Sector
	Media
	Debt to Assets, Industry
	Consumer Services

Based on: 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-26), 10-K (filing date: 2014-02-26).

2017 Calculations

¹ Debt to assets = Total debt ÷ Total assets
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Ratio	Description	The company
Debt to assets ratio	A solvency ratio calculated as total debt divided by total assets.	Time Warner Inc.’s debt to assets ratio improved from 2015 to 2016 and from 2016 to 2017.

Financial Leverage

Time Warner Inc., financial leverage calculation, comparison to benchmarks

		Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
	Selected Financial Data (USD $ in millions)
	Total assets
	Total Time Warner Inc. shareholders’ equity
	Ratio
	Financial leverage¹
	Benchmarks
	Financial Leverage, Competitors
	Charter Communications Inc.
	Comcast Corp.
	Walt Disney Co.
	Financial Leverage, Sector
	Media
	Financial Leverage, Industry
	Consumer Services

Based on: 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-26), 10-K (filing date: 2014-02-26).

2017 Calculations

¹ Financial leverage = Total assets ÷ Total Time Warner Inc. shareholders’ equity
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Ratio	Description	The company
Financial leverage ratio	A solvency ratio calculated as total assets divided by total shareholders’ equity.	Time Warner Inc.’s financial leverage ratio deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.

Interest Coverage

Time Warner Inc., interest coverage calculation, comparison to benchmarks

		Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
	Selected Financial Data (USD $ in millions)
	Net income attributable to Time Warner Inc. shareholders
	Add: Net income attributable to noncontrolling interest
	Less: Discontinued operations, net of tax
	Add: Income tax expense
	Add: Interest expense
	Earnings before interest and tax (EBIT)
	Ratio
	Interest coverage¹
	Benchmarks
	Interest Coverage, Competitors
	Charter Communications Inc.
	Comcast Corp.
	Walt Disney Co.
	Interest Coverage, Sector
	Media
	Interest Coverage, Industry
	Consumer Services

Based on: 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-26), 10-K (filing date: 2014-02-26).

2017 Calculations

¹ Interest coverage = EBIT ÷ Interest expense
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Ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	Time Warner Inc.’s interest coverage ratio deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.

Fixed Charge Coverage

Time Warner Inc., fixed charge coverage calculation, comparison to benchmarks

		Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
	Selected Financial Data (USD $ in millions)
	Net income attributable to Time Warner Inc. shareholders
	Add: Net income attributable to noncontrolling interest
	Less: Discontinued operations, net of tax
	Add: Income tax expense
	Add: Interest expense
	Earnings before interest and tax (EBIT)
	Add: Rent expense, excluding sublease income
	Earnings before fixed charges and tax

	Interest expense
	Rent expense, excluding sublease income
	Fixed charges
	Ratio
	Fixed charge coverage¹
	Benchmarks
	Fixed Charge Coverage, Competitors
	Charter Communications Inc.
	Comcast Corp.
	Walt Disney Co.
	Fixed Charge Coverage, Sector
	Media
	Fixed Charge Coverage, Industry
	Consumer Services

Based on: 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-26), 10-K (filing date: 2014-02-26).

2017 Calculations

¹ Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= hidden ÷ hidden = hidden

Ratio	Description	The company
Fixed charge coverage ratio	A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges.	Time Warner Inc.’s fixed charge coverage ratio deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level.

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Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

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Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality